It is the second time that Litecoins have been used for humanitarian work.
In a very inspiring episode last week, Litecoin community created awareness about the orphans in Vietnam and managed to secure over 120 LTC (about $1500) for the welfare of government-owned Go Vap Orphanage. The major portion of the donation came from the Litecoin’s developer Charlie Lee, who contributed a whopping 50 LTC for the cause.
The funds now have been transferred to the orphanage via the invaluable help of Vietnam Volunteer Network. It will directly support the welfare of orphans – most of them jinxed with malformations, hydrocephalus, and amongst many other physical and mental disabilities. The orphanage’s major funding comes from the Vietnam’s government.
Quite coincidentally, State Bank of Vietnam, in the start of February, released a statement regarding the ban on cryptocurrencies, while emphasizing particularly on Bitcoins. It somehow makes the Litecoin’s philanthropy work in Vietnam quite illegal, despite of its well intentions. The bank’s statement reads:
“The documents of the General Department V (Ministry of Public Police) show that the use of Bitcoin will cause a lot of negative impacts, say, the failure of control by the functional agencies, thus creating an environment of operation for all kinds of crimes with a lot of hidden risks for the Bitcoin users.”
However, there have been no statements released by the government office, regarding the acceptance of this humanitarian act by Charlie Lee and his Litecoin community towards the orphans in Go Vap Orphanage. Also, there have been no official statement or law has been imposed till now that could clearly compile Vietnam’s actual take on cryptocurrencies, especially Bitcoins.
Bitcoin, on the other hand, is continuing to be popular among the masses for its greater role in the January’s price rise in Vietnam. Despite the warning issued by the State Bank of Vietnam, many bitcoiners are still mining and circulating this currency. It seems like Mt. Gox’s recent bankruptcy is also not effective or applicable on Vietnamese cryptocurrency community.
With Litecoin moving towards a simple approach to make its presence felt in the society, it is likely to catch a wide spectrum, including both government and people. The currency have previously impressed the finance world by donating over $10,000 to create 100 jobs in Madagascar.
To contact the reporter of the story: Jonathan Millet at email@example.com